Last week Automatic Data Processing Inc. (ADP) reported that employment increased by 175,000 private sector jobs in January. Job creation for the first month of 2014 was down 63,000 jobs from December 2013. The US Department of Labor noted an uptick in applications for jobless benefits in January. Despite the light job growth for January it appears that employers are holding on to workers and overall unemployment continues to decline.
ADP reported the 175,000 jobs that were created in January, small businesses with 1-49 employees added a respectable 75,000 jobs, followed by medium-sized businesses with 50-499 employees adding 66,000 jobs which was the fewest and large businesses with 500-1000+ employees adding in January 34,000 jobs. According to the ADP National Employment Report the Service Sector added 160,000 jobs in during the period, while the Goods Producing Sector added 16,000 jobs.
Chief economist, Mark Zandi of Moody's Analytics, said “Cold and stormy winter weather continued to weigh on the job numbers. Underlying job growth, abstracting from the weather, remains sturdy. Gains are broad based across industries and company sizes, the biggest exception being manufacturing, which shed jobs, but is not expected to continue”.
ADP president and chief executive officer for ADP said, “The U.S. private sector added a total of 175,000 jobs in January, which is in line with the average monthly growth throughout 2013”.
The ADP National Employment Report is a monthly report that measures the change in total U.S. non farm private employment collected through anonymous ADP client companies. The ADP National Employment Report measures almost 24 million workers trends. The report is produced by ADP Research Institute in collaboration with Moody's Analytics, Inc. To view the full report can go to ADP National Employment Report.
The next ADP National Employment Report will be released on March 5, 2014 that will cover jobs created in February 2014.
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